There are only 9 states in the country that don’t have state income tax. Nevada is one of those making it top in the nation for being a tax-friendly state for retirees.
Nevada is host to a number of tax advantages. Some of them are:
- No personal state income tax
- No inheritance tax
- No estate and/or gift tax
As well as being tax-friendly, Nevada also ranks high in quality of life in several areas. Reno especially has been recognized for striving to become greener by investing in green power, energy efficiency measures and conservation.
The Truckee River has gone through major renovation over the last 20 years. Adding such improvements as a AAA baseball field, parks a performing arts center and beginner-friendly white-water rapid park. Reno is close to recreational area where you can experience all four seasons of activities.
Living in the Reno area is affordable. Housing prices have dropped more than 50% in the last 4 years. Reno isn’t just for gamblers anymore.
Because there is no income tax there are huge savings when retiring to Nevada. Another advantage is that food and prescription drugs are exempt from state sales tax.
Property of every kind including real and personal property are subject to be taxed by school districts, towns, counties and the state. If you are 62 and older and fall below a certain income limit you are eligible for a rebate up to $500 or 90% of taxes paid. The same program is also available to senior citizens who pay an unbalanced amount of their income on property taxes through rent payments.
As far as inheritance and estate taxes are concerned there is a limited estate tax related to federal tax and inheritances are not taxed. Nevada is a great state to retire to when you are looking to save money on taxes.
By: Shannon John
Marketing Manger, Laughlin Associates, Inc.
Kiplinger.com Votes Nevada at the Top for Tax-Friendly States for Retirees